Chapter IX (Sections 37-48) of the Central Goods and Services Tax (CGST) Act, 2017 deals with provisions related to Accounts and Records. Section 40 of Central Goods and Services Tax Act, 2017 (12 of 2017) provides for first return under CGST Act 2017.
Recently, we have discussed in detail section 39 (i.e. Furnishing of returns) of CGST Act 2017. Today, we learn the provisions of section 40 of the CGST Act 2017. Complete Details of CGST Section 40 – First return. You may CLICK HERE to download list of all sections of CGST Act 2017 in PDF format.
Notes on Section 40 of CGST Act 2017
Section 40 of CGST Act 2017 shall come into force on 01.07.2017 vide Notification No. 9/2017 – Central Tax, G.S.R. 658(E), dated 28.06.2017. In this note, you will learn detail of the provisions of section 40 of CGST Act 2017 read with Central GST Rules 2017.
Every registered person who has made outward supplies in the period between the dates on which he became liable to registration till the date on which registration has been granted shall declare the same in the first return furnished by him after grant of registration.
Definition of Outward Supply [Section 2(83)]: Outward Supply in relation to a taxable person, means supply of goods or services or both, whether by sale, transfer, barter, exchange, licence, rental, lease or disposal or any other mode, made or agreed to be made by such person in the course or furtherance of business.
According to the provision of clause 107 of section 2 of CGST Act 2017, the term “Taxable Person” means a person who is registered or liable to be registered under section 22 or section 24 of CGST Act.